NEW YORK - With the broad S&P 500 Index gliding once again into uncharted territory and posting four straight weeks of gains, the talk of Wall Street's rally inevitably hitting a ceiling is starting to get old.
LONDON - From ketchup to hot drinks, family-run investment firms are shaking up the consumer deals market, squeezing out private equity players and forcing them to change strategy.
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.
Procter buying rest of Agrolimen joint venture for $1 billion
(Reuters) - Procter & Gamble Co (PG.N) said on Friday it is buying the rest of its joint venture with Spain's Agrolimen Group for $1 billion, a move that expands its presence in the European feminine care and diaper businesses.
P&G, the world's largest household products maker, has a 50 percent stake in the joint venture, known as Arbora & Ausonia. Agrolimen exercised a put option to sell the remaining 50 percent to P&G, the Cincinnati-based company said on Friday.
"While we have valued the partnership with Agrolimen, we entered into a put arrangement because we saw benefits to drive innovation and scale benefits with a 100 percent ownership interest in this business," P&G said in a statement.
The joint venture dates back to the late 1980s or early 1990s, P&G said.
P&G, which makes Pampers diapers, Tampax tampons and Always feminine care pads, expects the deal to close by the end of 2012. Barcelona-based Agrolimen continues to operate in businesses such as food.
Arbora & Ausonia has offices in Spain and Portugal and sells products such as Dodot diapers and Kandoo wipes for children.
The purchase comes soon after P&G announced plans to focus on key, large businesses, and after activist investor William Ackman's Pershing Square Capital Management took a roughly 1 percent stake in P&G.
Ackman hasn't said what changes, if any, he would like to see at P&G, which is in the midst of a $10 billion restructuring.
P&G opened down 0.2 percent to $64.79.
(Reporting by Jessica Wohl in Chicago; editing by Jeffrey Benkoe)
- Tweet this
- Share this
- Digg this